Reclaimed 50% of the lost territory of the prior move down and stalled with an indecisive candle formation may sum today’s behaviour with XAO.
An in depth EOW analysis of the world markets to follow over the weekend.
As soon as we conclude this trading month our long term charts will also be consulted.
RBA meeting outcome on Tuesday, may also give XAO some direction. But the one to watch is the FOMC (Fed. Reserve US) meeting, which I believe is on the 16th of September.
SAFETY FIRST and FOREMOST until such time that our daily charts start zig zagging higher . At the moment it is the opposite, with fair amount of resistance levels to watch. On a positive note ( positive in the short term only), at least we have found a short term support on 25th of August, that will be use as a reference point going forward.
Have a great weekend.
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